1,200-Unit Mixed-Use Residential Project to Rise from Ashes of DCHA Building
Ares Management Corporation and MRP Realty have completed the land closing and Phase 1 construction financing of a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority in Washington, DC.
Acquisition and construction financing is provided by Bank OZK.
The project is located at 1133 North Capitol Street NE in the NoMa neighborhood. Phase 1 will comprise 430 multifamily units, including 86 affordable units.
The multi-phased development will include an estimated 1,200 apartments and is slated to include a minimum of 244 affordable units, at least half of which would be affordable for residents earning 30% or less AMI.
The underutilized, 0.8-acre site currently houses the DCHA in a building at the end of its useful life. The closing will give DCHA funding to address portfolio-wide capital needs and fund a new headquarters building.
- ◦Sale/Acquisition
- ◦Development
